In making such return the self-assessing purchaser may
use any reasonable method to derive reportable "purchase price"
from the self-assessing purchaser's records.
If the average monthly tax liability of the self-assessing
purchaser to the Department does not exceed $2,500,
the Department may authorize the self-assessing purchaser's
returns to be filed on a quarter-annual basis, with the return
for January, February and March of a given year being due by
April 30 of such year; with the return for April, May and June
of a given year being due by July 31 of such year; with the
return for July, August, and September of a given year being
due by October 31 of such year; and with the return for
October, November and December of a given year being due by
January 31 of the following year.
If the average monthly tax liability of the self-assessing
purchaser to the Department does not exceed $1,000, the
Department may authorize the self-assessing purchaser's
returns to be filed on an annual basis, with the return for a
given year being due by January 31 of the following year.
Such quarter-annual and annual returns, as to form and
substance, shall be subject to the same requirements as
monthly returns.
Notwithstanding any other provision in this Law
concerning the time within which a self-assessing purchaser
may file a return, any such self-assessing purchaser who
ceases to be responsible for filing returns under this Law
shall file a final return under this Law with the Department
not more than one month thereafter.
Each self-assessing purchaser whose average monthly
liability to the Department pursuant to this Section was
$10,000 or more during the preceding calendar year, excluding
the month of highest liability and the month of lowest
liability during such calendar year, and which is not operated
by a unit of local government, shall make estimated payments
to the Department on or before the 7th, 15th, 22nd and last
day of the month during which tax liability to the Department
is incurred in an amount not less than the lower of either
22.5% of such self-assessing purchaser's actual tax liability
for the month or 25% of such self-assessing purchaser's actual
tax liability for the same calendar month of the preceding
year. The amount of such quarter-monthly payments shall be
credited against the final tax liability of the self-assessing
purchaser's return for that month. An outstanding credit
approved by the Department or a credit memorandum
issued by the Department arising from the self-assessing
purchaser's overpayment of the self-assessing purchaser's
final tax liability for any month may be applied to reduce the
amount of any subsequent quarter-monthly payment or credited
against the final tax liability of such self-assessing
purchaser's return for any subsequent month. If any
quarter-monthly payment is not paid at the time or in the amount
required by this Section, such person shall be liable for
penalty and interest on the difference between the minimum
amount due as a payment and the amount of such payment
actually and timely paid, except insofar as such person has
previously made payments for that month to the Department in
excess of the minimum payments previously due.
If the Director finds that the information required for
the making of an accurate return cannot reasonably be compiled
by a self-assessing purchaser within 15 days after the close
of the calendar month for which a return is to be made, the
Director may grant an extension of time for the filing of such
return for a period of not to exceed 31 calendar days. The
granting of such an extension may be conditioned upon the
deposit by such self-assessing purchaser with the Department
of an amount of money not exceeding the amount estimated by
the Director to be due with the return so extended. All such
deposits shall be credited against such self-assessing
purchaser's liabilities under this Law. If the deposit
exceeds such self-assessing purchaser's present and probable
future liabilities under this Law, the Department shall issue
to such self-assessing purchaser a credit memorandum, which
may be assigned by such self-assessing purchaser to a similar
person under this Law, in accordance with reasonable rules and
regulations to be prescribed by the Department.
The self-assessing purchaser making the return provided
for in this Section shall, at the time of making such return,
pay to the Department the amount of tax imposed by this Law.
Until October 1, 2002, a self-assessing purchaser who has an average
monthly tax
liability of $10,000 or more shall make all payments
required by rules of the Department by electronic funds
transfer. The term "average monthly tax liability" shall be
the sum of the self-assessing purchaser's liabilities under
this Law for the immediately preceding calendar year divided
by 12.
Beginning on October 1, 2002, a taxpayer who has a tax liability in the
amount set forth in subsection (b) of Section 2505-210 of the Department of
Revenue Law shall make all payments required by rules of the Department by
electronic funds transfer.
Any self-assessing purchaser not required to make
payments by electronic funds transfer may make payments by
electronic funds transfer with the permission of the
Department. All self-assessing purchasers required to make
payments by electronic funds transfer and any self-assessing
purchasers authorized to voluntarily make payments by
electronic funds transfer shall make those payments in the
manner authorized by the Department.
If any payment provided for in this Section exceeds the self-assessing purchaser's liabilities under this Act, as shown on an original return, the Department may authorize the self-assessing purchaser to credit such excess payment against liability subsequently to be remitted to the Department under this Act, in accordance with reasonable rules adopted by the Department.
Through June 30, 2004, each month the Department shall pay into the Public
Utility Fund in the State treasury an amount determined by the
Director to be equal to 3.0% of the funds received by
the Department pursuant to this Section. Through June 30, 2004, the remainder of all
moneys received by the Department under this Section shall be
paid into the General Revenue Fund in the State treasury. Beginning on July 1, 2004, of the 3% of the funds received pursuant to this Section, each month the Department shall pay $416,667 into the General Revenue Fund and the balance shall be paid into the Public Utility Fund in the State treasury.
(Source: P.A. 100-1171, eff. 1-4-19.)
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